Forgiveness of debt My family member who lives outside of the USA loaned me personally $200,000 for a business I opened, I have been paying interest to him for three years.The business closed this year, ,I have three questions
1)Can I take the loss from the business that closed as a Capital Loss on my tax return ??? it is over a year .
2)D o you have to take the Capital loss the same year as the loss ???
3)Can my family member who loaned me the money call it a forgiveness of debt and I take as a gift ??? note he does not do a US tax return so he cannot advise the IRS a gift to me, if a gift is possible how do I inform the IRS or do I need too???
Thanks
David GEE |